The INR 9.25 Cr pre-Series A1 funding round also saw participation from existing investor Fluid Ventures
Bummer aims to use the fresh proceeds to fuel its expansion by bolstering its omnichannel presence
Founded by Sulay Lavsi in 2020, Bummer uses micro modal fibres derived from beechwood trees to produce soft, lightweight and sustainable innerwear products
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D2C innerwear startup Bummer has raised INR 9.25 Cr ($1.1 Mn) in its pre-Series A1 funding round led by Gruhas Collective Consumer Fund. The round also saw participation from existing investor Fluid Ventures.
The startup aims to use the fresh proceeds to fuel its expansion by bolstering its omnichannel presence.
In a statement, Bummer said it is targeting to expand its presence in Tier-II, III, and IV cities. The startup expects to get 50% of its revenue from cities like Ahmedabad, Indore, Hyderabad, Chandigarh, Bhopal, and Jaipur.
Founded by Sulay Lavsi in 2020, Bummer sells bikinis, bralettes, hipsters, shorts, boxers, trunks, and briefs, besides pyjamas and loungewear. It claims to use micro modal fibres derived from beechwood trees to produce soft, lightweight and sustainable products.
The startup claims to have seen a 175% year-on-year growth in its revenue in the financial year 2022-23 (FY23). It also featured in the 2024 edition of Inc42’s FAST42 list of the fastest growing D2C brands.
Commenting on the funding, Bummer founder and CEO Lavsi said, “The support and leadership from Gruhas Collective Consumer Fund and Fluid Ventures fuel our vision of expanding with a skilled managerial team. In an industry marked by minimal growth and dominated by a few major players for decades, we see ourselves as a disruptor of this category.”
The startup is also looking to launch its products at a pilot level in other Asian markets in the next two years. As of now, 5% of its budget will be allocated to these pilot projects.
Meanwhile, this was the first investment by Nikhil Kamath and Abhijit Pai’s Gruhas Collective Consumer Fund (GCCF). The INR 150 Cr fund was launched in partnership with talent management and influencer marketing firm Collective Artists Network in July 2023 to invest in consumer-facing brands and products.
“We believe that Bummer’s innovative approach, coupled with its quality products and edgy new-age design is perfectly positioned to capture the Gen-Z market. With our first investment from the GCCF fund, we look forward to supporting brands that actively shape the future of their respective industries,” Pai said.
Bummer competes with D2C startups like DaMensch and XYXX.
While the ongoing funding winter impacted the deals in the D2C space as well, there have been a number of new funding deals in recent times.
Recently, D2C beauty and personal care brand Foxtale raised INR 119 Cr (nearly $14.4 Mn) in a funding round led by Panthera Growth Partners. Earlier today, The Ayurveda Experience raised $27 Mn (INR 223 Cr) in a funding round led by Jungle Ventures.
At the heart of this funding push is the country’s growing D2C market which is expected to touch a size of $100 Bn by 2025.
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